Your selected term deposits
5.25% p.a.
1 year
$1,000
Yes up to $250,000
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2023^ for Term Deposits.
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2023^ for Term Deposits.
Read our Mozo Review to learn more about the Judo Bank Term Deposit
5.00% p.a.
9 months
$1,000
Yes up to $250,000
Enjoy the certainty of a fixed interest rate combined with the convenience of online banking to set up and manage your term deposit at maturity. You can start investing from as little as $1,000 or up to $5,000,000.
Enjoy the certainty of a fixed interest rate combined with the convenience of online banking to set up and manage your term deposit at maturity. You can start investing from as little as $1,000 or up to $5,000,000.
Read our Mozo Review to learn more about the Bankwest Online Term Deposit
^See information about the Mozo Experts Choice Term deposits Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
Term deposits in Sydney work much the same across the rest of the country. By applying for a certain term—say, one year—you’ll be given a fixed interest rate that will apply to the deposit until its maturation date.
Upon reaching maturity, you may choose to either roll over to a new term with the interest gained or instead choose to have your savings deposited into a bank account of your choosing.
It may be tempting to apply for a 5-year term at a higher interest rate, but keep in mind that if you need to withdraw this cash at any point before the term deposit maturation, you’ll likely have some restrictions such as AMP term deposits requiring a 31-day prior notice for early withdrawal.
With inflation on the rise, it’s becoming increasingly important for Sydneysiders to keep their savings stored away in high-interest accounts to offset inflationary pressures.
Term deposits are a great way to keep money stashed away as they generally offer higher interest rates on average than savings accounts. However, to gain a higher interest rate, you’ll need to keep your cash stored away for longer terms which may not work for savers with limited cash flow.
In addition, it’s important to note that term deposit providers will usually require a minimum deposit amount ranging from $1,000-$25,000 depending on the account.
As Australia’s biggest city, Sydney has wide access to a variety of term deposit providers giving a breadth of options.
But Sydneysiders no longer need to restrict themselves to local branches anymore as more online term deposits are offered by banks who themselves find greater advantage in becoming increasingly digital.
The length of your term deposit depends on your financial situation as well as the financial environment you find yourself in.
For instance, taking a longer term deposit will generally give you a higher interest rate which you can take advantage of well into a low-interest-rate environment due to the rate being fixed.
However, if you were to take a 5-year term deposit and find yourself in a lower interest rate environment by the time of maturation, it would leave you with few options in terms of where to deposit your money.
In turn, shorter term deposits can be more advantageous in long-term rising interest rate conditions as they allow you to roll over (with interest gained) into an even better interest rate. You can also use shorter periods to keep your money safe and growing for a later investment that they are planned for.
Whilst term deposits are classed as a safe investment, they do have some trade-offs in comparison to riskier investment types.
Low returns: In comparison to other investments such as stocks and bonds, term deposits usually have lower rates of return
Lack of liquidity: Term deposits generally have to give 31 days notice if they wish to withdraw before the maturation date.
Inflation risk: The interest earned on a term deposit may not keep up with inflation, meaning that you could end up with overall less by the maturation date.
Limited diversification: Term deposits are simply a lump sum of money deposited in a particular bank account.
So how are term deposits any different from a savings account? For one, one big difference that savings accounts have is that they generally have a variable interest rate.
What this means is that if you open a savings account with an interest rate of 3%, you’re in no way guaranteed to keep this, especially if the economic situation deteriorates.
On the other hand, term deposits usually have a fixed interest rate. This means that if you applied for a 3% term deposit for 2 years, you’ll keep that interest rate right up until the maturation date.
Compare: Look around for term deposits with the best rates. At Mozo we compare term deposits with the best interest rates for comparison.
Decide deposit amount: Depending on the term deposit provider, your minimum deposit amount will vary so make sure you have enough.
Set up your deposit: Make sure you have all the necessary documents nearby to make the process as easy and quick as possible.
Wait: for as long as you set your deposit term and watch your money grow until maturation.
Unfortunately they don’t offer the highest long term deposit rates anymore :-(
Read full reviewUnfortunately they don’t offer the highest long term deposit rates anymore :-(
Recently had two term deposits redeemed before maturity without my authority. This resulted in a loss of interest to me of $694.36 Contacted amp on two occasions and both times experienced bad lines and incoherent staff. I am now taking action with AFCA and cannot wait for my other term deposits to mature so as i can leave this mob.. Is it any wonder that AMP shares are a disaster.
Read full reviewRecently had two term deposits redeemed before maturity without my authority. This resulted in a loss of interest to me of $694.36 Contacted amp on two occasions and both times experienced bad lines and incoherent staff. I am now taking action with AFCA and cannot wait for my other term deposits to mature so as i can leave this mob.. Is it any wonder that AMP shares are a disaster.
Signed up for a term deposit with BA due to their competitive rates. The account works fine as it is an uncomplicated product, however getting it set up was quite a large headache. After setting up online access, I had continual issues trying to transfer money into the account, with little useful information provided by the website/online portal. Calling customer support was helpful - no issues at all with their service, but this was quite frustrating as it was the result of a fundamental part of their service being unusable and unintuitive from the outset. I had no further issues after that point, however - but that is hardly surprising for an account that is intended to be left alone anyway.
Read full reviewSigned up for a term deposit with BA due to their competitive rates. The account works fine as it is an uncomplicated product, however getting it set up was quite a large headache. After setting up online access, I had continual issues trying to transfer money into the account, with little useful information provided by the website/online portal. Calling customer support was helpful - no issues at all with their service, but this was quite frustrating as it was the result of a fundamental part of their service being unusable and unintuitive from the outset. I had no further issues after that point, however - but that is hardly surprising for an account that is intended to be left alone anyway.
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